Banker & Tradesman: Dec. 21, 2020

Page 1

FOCUS ON

PHILANTHROPY

Turn to page 10 for Banker & Tradesman’s annual celebration of the charitable.

THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS

PAGE 6

County close-up: Worcester Spotlight: Milford

Mark Pasnik looks to Boston’s bold design choices of the past for guidance shaping the future face of the city. Pasnik is the author of “Heroic: Concrete Architecture and the New Boston,” which examines the role of modernist designs in the heyday of the city’s urban renewal era.

IN PERSON

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WEEK OF MONDAY, DECEMBER 21, 2020

RESIDENTIAL REAL ESTATE BY THE NUMBERS

$460,000 The statewide median single-family sale price in November. See Week on the Web on page 2. Source: The Warren Group’s Statistics Module

$11.5 million

FOCUS ON PHILANTHROPY

EASTERN’S CONVERSION Grows Its Foundation

The purchase price of the top home in this week’s Gossip Report. See page 9. Source: The Warren Group

24.8 percent The year-over-year growth in the number of single-family homes sold last month. See Week on the Web on page 2. Source: The Warren Group’s Statistics Module

DONATION NEARLY DOUBLES CHARITY’S SIZE

8,748 square feet The size of the second home in this week’s Gossip Report. See page 9. Source: The Warren Group

2,115 The number of condominiums sold statewide in November. See Week on the Web on page 2. Source: The Warren Group’s Statistics Module

22,305 square feet The combined size of the Nantucket homes in this week’s Gossip Report. See page 9. Source: The Warren Group

$415,000 The year-to-date median sale price of a condo in Massachusetts. See Week on the Web on page 2. Source: The Warren Group’s Statistics Module

2,773 square feet The size of the smallest home in this week’s Gossip Report. See page 9. Source: The Warren Group

BY DIANE MCLAUGHLIN BANKER & TRADESMAN STAFF

J

ust as Eastern Bank’s conversion to a stock bank has altered the local banking landscape, the decision appears poised to create major change in Massachusetts’ communities. After long touting its status as the oldest and largest mutual bank in the U.S., Eastern went public this fall, but simulta-

neously donated stock valued at about $90 million to its charitable foundation. That added capital will provide opportunities to significantly grow the foundation’s work funding a more equitable commonwealth – without changing its mission. “The combination of our philanthropy, our volunteerism and our advocacy on critical social issues stands us apart from others,” said Nancy Huntington Stager, president and CEO of the Eastern Bank Charitable Foundation. “And that is not changing.” Continued on Page 10

COMMERCIAL INTERESTS

EXPECT THE UNEXPECTED

sourced from The Warren Group’s

Without Students, Area Rents Have Slumped Across the Board

Suburbs and Industrial Markets Saw Gains

Mortgage Market Share Module, Loan

By Scott Van Voorhis | Banker & Tradesman Columnist

By Steve Adams | Banker & Tradesman Staff

Unless otherwise noted, all data is

To Do Right by Renters, Pandemic Upended Build More Dorms in Boston Commercial Real Estate in 2020

Originator Module, Statistics Module and/or proprietary database. For more information please visit www.thewarrengroup.com/business/ datasolutions.

Commercial Real Estate PAGE 3

Commercial Real Estate PAGE 7


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